It can be fitted to planes and travel up to five times the speed of sound

The company wants to use the technology on a 'spaceplane' called Skylon

Passenger version called Lapcat A2 could hold 300 passenger for ultrafast travel

Tests suggest it could cut the cost of space launches by 95%

European Space Agency study has back the rocket plans to blast off as soon as 2020

The Skylon air breathing rocket that could power a plane anywhere in the world in four hours and get to space in 15 minutes has moved a step closer to blasting off as a major project review said it was possible to operate the plane.

A feasibility study carried out earlier this year as part of the European Space Agency's 'New European Launch Service' requirements for lowering the cost of European launch services by 2014 by using a radical new type of engine, have backed the plans - paving the way for it to blast off in 2019.The engine is called Sabre, which stands for Synergetic Air-Breathing Rocket Engine, and was built by British firm Reaction Engines.